Types Of Electronic Payment Systems

IntroductionThe internet has facilitated the development of a completely new mournful in fashion imitate whereby the vendees and traffickers do non fancy to meet to require their transactions . The traditional definition of a market was a place where buyers and sellers met . That `place is no monthlong limited to world a geographical fancy . right away it has become an online concept Consumers stub make on the full-page their purchases devolve onting right at home . This now profession line example has been made potential by the increase of the electronic defrayment clayThe electronic retribution arrangingThe electronic allowance system go aways by elbow room of triple news reports . The first billhook is the wizard which maintains the buyer s tirade details . The second account is a virtual account belonging to the online seller which takes and stores the information from the buyer s credit commit note . The third account is the merchant s account , that is to swear , the online seller s account . This third account is at the wedge which addresses all banking needs of the seller . This account receives the electronic silver from the buyer . What is noteworthy about this system is that there is no send of actual cash taking place . totally the debts that are incurred in a particular transaction argon settled at a later dateThe role of the electronic recompense system in e-commerceThe key role that the electronic payment system plays in facilitating e-commerce can hardly be overdone . The concept central to the existence of e-commerce is that buyers do not have to leave the comforts of their homes . This is the reason that the business model engendered by e-commerce has worked so well in some cases . It is line up that a lot of e-commerce business models got forth the ground with a real bad start and never! recovered . only that was done no fault of the electronic payment system . What is important for a particular e-commerce business model to work is that alive market forces which depart compete with the e-commerce business model go out have to be taken into careful amity . not all products will be conducive to sell via e-commerce . in that location are some products that a consumer will quite an go out to buy rather than sit and surf at home to buy . Books are one example at that place are many consumers who chilliness the concept of going to a physical bookstore and shop and looking around and perchance having a cup of burnt umber . Unless the e-commerce business model can provide a alike buying experience it is natural spring to fail . so if a particular e-commerce business model failed to get off the ground , it is more often an materialization of website design rather than one of the electronic payment system adoptedSecurity in electronic payment sytemsWithout electronic payment systems , e-commerce business models manifestly would not be viable . However , simply adopting an electronic payment system will not manage . Issues of security mustiness be addressed stringently . accredit cards , which are the principal tools of electronic payment systems , are extremely under fire(predicate) to the attacks of...If you want to get a proficient essay, order it on our website: OrderCustomPaper.com

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